JPMorgan Says HYPE Faces Market-Share Pressure as Competition Intensifies, ETF Flows Stall

JPMorgan said Hyperliquid’s market share may come under pressure as regulated cryptocurrency perpetual futures platforms emerge in the US.

In an Aug. 6 note, the bank said liquidity has recently been shifting toward US-regulated platforms, with competing venues also continuing to launch. Hyperliquid expanded its business in May by rolling out Outcomes, a prediction-market platform, but competition in that market is also fierce.

JPMorgan added that net inflows into spot HYPE ETFs, which were positive in May and June, have stalled in July and August. Whether Hyperliquid can maintain its market share, along with the trajectory of ETF inflows, will be key variables for HYPE’s price.